Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Equity Bottom-Up

<ul><li>Leading biosolutions company reaching over 2 billion people daily with enzymes and microbes</li><li>Specialize in bioengineering and fermentation to create tailor-made enzyme solutions for various industries</li><li>Presence in food, dairy, biofuel, detergent industries with focus on sustainability and biodegradability</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Leading biosolutions company reaching over 2 billion people daily with enzymes and microbesSpecialize in bioengineering and fermentation to create tailor-made enzyme solutions for various industriesPresence in food, dairy, biofuel, detergent industries with focus on sustainability and biodegradabilityThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Novonesis CEO: Biosolutions at Scale, Replacing Chemicals and Leading for a Healthier Planet

Equity & Credit Research

Duncan Chan

<ul>
<li>The market values <a href="https://www.smartkarma.com/entities/beijing-shougang-lanzatech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:55324:1" rel="noopener">Beijing Shougang Lanzatech Technology (2553 HK)</a> primarily as a low-carbon ethanol producer, underestimating its transition toward an industrial carbon-conversion platform driven by technology, engineering and licensing.</li>
<li>Four commercial plants have proven gas fermentation at industrial scale. Near-term losses keep focus on whether technology licensing and integrated solutions can deliver recurring, higher-quality earnings beyond manufacturing.</li>
<li>We remain constructive. Our bear, base and bull cases imply valuations of HK$20–22, HK$30–33 and HK$40+, respectively, depending on utilisation, technology licensing and integrated solutions becoming meaningful earnings drivers.</li>
</ul>


The market values Beijing Shougang Lanzatech Technology (2553 HK) primarily as a low-carbon ethanol producer, underestimating its transition toward an industrial carbon-conversion platform driven by technology, engineering and licensing.
Four commercial plants have proven gas fermentation at industrial scale. Near-term losses keep focus on whether technology licensing and integrated solutions can deliver recurring, higher-quality earnings beyond manufacturing.
We remain constructive. Our bear, base and bull cases imply valuations of HK$20–22, HK$30–33 and HK$40+, respectively, depending on utilisation, technology licensing and integrated solutions becoming meaningful earnings drivers.


Shougang LanzaTech: Beyond Ethanol Toward Industrial Process Technology

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.</li>
<li>Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.</li>
<li>Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials</li>
</ul>


The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.
Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.
Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials


Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/069/790/original/img%201.JPG?1542165661" class="editor-image img-responsive" data-smartkarma-image-id="69790"></figure>

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.

Morningstar Management Behind the Moat 2018: Conference Highlights

Denmark

Novonesis (Novozymes) B operates as a bio-solutions company. The Company researches, develops, and produces industrial enzymes, microorganisms, functional proteins, and biopharmaceutical ingredients to transform consumer products and agricultural production. Novonesis (Novozymes) B serves customers worldwide.

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Novonesis (Novozymes) (NSISB DC)

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

Novonesis CEO: Biosolutions at Scale, Replacing Chemicals and Leading for a Healthier Planet

Novanesis is a leading biosolutions company that creates custom tailor-made enzyme and microbe solutions for various industries, promoting...

In Good Company with Nicolai Tangen

Shougang LanzaTech: Beyond Ethanol Toward Industrial Process Technology

The market values Shougang LanzaTech as a low-carbon ethanol producer. We believe technology licensing and integrated solutions could gradually...

Duncan Chan

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Bullish Outlook Intact on MSCI ACWI; Downgrading India to Market; Market Dynamics Healthy; Treat Pullbacks as Buying Opportunities; Buys in global...

Vermilion Research

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

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